Beef Act

[AI summary unavailable — showing source text] Beef Act - Amends the Federal Meat Inspection Act to require imported equine meat products capable of use as human food (1) to be labeled as imported, and (2) to be tested for chemical substances. Directs the Secretary of Agriculture to assess fees for the testing and labeling of such products. Authorizes the Secretary to suspend imports for failure to pay such assessments. Amends the policy of Congress to restrict the importation of beef, veal, goat, and sheep meat, and live cattle to specified amounts after December 31, 1978. Prescribes a formula for adjustment of such quota. Directs the Secretary of Agriculture to allocate such quota among supplying countries according to certain criteria. Decreases the percentage by which estimates of such annual imports must exceed the imports of the preceding calendar year before triggering the imposition of import quotas. Permits the President to suspend an import quota proclamation if it determined that domestic cattle producers are operating at a reasonable profit. Permits the President to prohibit or curtail the importation of any products covered by this Act if it is determined that such action is required by the economic or national sec…